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Once given to naughty children as a punishment for misbehaviour, a humble lump of coal has now become a cherished treasure. Producers of coal have also risen to new heights of esteem; where an investment in a coal company was once perceived as an invitation to low returns, it is fast becoming a fashionable portfolio accessory.

It is not because of the extraordinary gains in the sector that we now turn our attention to coal. On the contrary, high levels of excitement concern us and we feel a level of discomfort with current market conditions. However, we are convinced that for...

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